Urban Company Sets Stage for Major IPO Launch

Urban Company, a prominent mobile app-based platform providing beauty and home services, is preparing to launch its much-anticipated Rs 1,900-crore initial public offering (IPO) on September 10. The public offer is slated to end on September 12, following a one-day bidding period for anchor investors on September 9, according to the red herring prospectus filed on Tuesday.

The company aims to generate Rs 472 crore through the sale of new shares, while existing investors plan to offload stakes valued at Rs 1,428 crore. Those participating in the offer for sale include Accel India and Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte. Ltd, and VYC11 Ltd.

Securing approval from the Securities and Exchange Board of India (Sebi) earlier, Urban Company will use the funds from its initial public offering to invest in new technology development, cloud infrastructure, office lease payments, marketing strategies, and general corporate objectives. The company, which operates in India, the UAE, Singapore, and Saudi Arabia, provides convenient, tech-driven solutions in various home and beauty service categories.

(With inputs from agencies.)